Three-month sales 2026: continued growth momentum
Philipp Navratil, Nestlé CEO, commented: “Our first-quarter performance demonstrates that our RIG-led growth strategy is delivering. Results were strong across most Zones and categories, particularly in Coffee and Food & Snacks. Growth in emerging markets stood out. In Europe and the US our performance was robust as our teams successfully navigated the customer and consumer environments. Building on the momentum in the first quarter, we continue to execute our strategy to deliver a stronger Nestlé. In an uncertain and complex environment, I would like to thank all our people for their dedication and our customers and consumers for their trust.”
Sales performance summary
| Total Group | Zone Americas | Zone Asia, Oceania and Africa | Zone Europe | Nespresso | Nestlé Waters & Premium Beverages | Other businesses | |
| Sales 3M-2026 (CHF m) | 21 317 | 9 106 | 5 216 | 4 615 | 1 555 | 758 | 67 |
| Sales 3M-2025 (CHF m) | 22 601 | 9 759 | 5 703 | 4 662 | 1 595 | 809 | 73 |
| Real internal growth (RIG) | 1.2% | 1.2% | 1.1% | 1.1% | 2.0% | 0.9% | 2.6% |
| Pricing | 2.3% | 2.6% | 1.3% | 2.8% | 3.1% | 2.4% | -0.7% |
| Organic growth | 3.5% | 3.8% | 2.4% | 3.9% | 5.1% | 3.3% | 1.8% |
| Net M&A | 0.1% | 0.0% | -0.4% | 0.5% | 0.1% | -0.5% | 0.0% |
| Foreign exchange | -9.3% | -10.5% | -10.7% | -5.3% | -7.6% | -9.1% | -10.0% |
| Reported sales growth | -5.7% | -6.7% | -8.7% | -0.8% | -2.5% | -6.3% | -8.1% |
Financial highlights
- Growth momentum in Q1
- Organic growth (OG) of 3.5%, with real internal growth (RIG) of 1.2% and pricing of 2.3%.
- RIG was positive in all Zones and all categories except for infant formula within Nutrition.
- By category, growth was led by a broad-based acceleration in Coffee. RIG also strengthened in Food & Snacks, led by confectionery.
- By geography, performance in emerging markets continued to stand out, with OG of 6.8% and RIG of 2.9% in emerging markets excluding China. In Europe trends were solid, and the US remains resilient.
- Overall impact of infant formula recall was approximately -90 bps on Q1-26 OG and RIG. Product availability is now back to normal.
Operational and strategic updates
- Focus on executing on our strategic priorities
- RIG-led growth is our highest priority, driven by accelerated investments in our growth platforms.
- Marketing initiatives to drive best-in-class brand-building include an upskilling plan for all employees, reaching over 50,000 to date. Nespresso partnering with Dua Lipa as new global brand ambassador.
- Portfolio actions progressing: commenced engagement process with potential partners for Nestlé Waters & Premium Beverages as well as with buyers for mainstream vitamins, minerals and supplements; agreement reached to sell Blue Bottle Coffee.
2026 guidance
- After a good Q1, but reflecting increased geopolitical uncertainty and macroeconomic risks, we are maintaining our 2026 guidance.
- OG expected to be in the range of around 3% up to 4%, with RIG accelerating versus 2025, driven by our focused growth plans.
- UTOP margin expected to improve versus 2025, strengthening in the second half of the year. Free cash flow expected to be above CHF 9 billion.